In December 2008, investment adviser Bernie Madoff was arrested for securities fraud after he masterminded one of the largest and longest-running Ponzi schemes in U.S. history. In the end, he cheated his clients out of between $18 billion and $20 billion.
The 9th Circuit ruled [1/28/13 that Madoff’s investors can’t sue the Securities and Exchange Commission (SEC). The investors first brought the case against the agency in 2010, after the inspector general found that the SEC missed several opportunities to uncover the fraud. Read more